National Payment Council

National Payment Council of Jordan was formed on 7/2/1998 based on the Central Bank of Jordan initiative. Consultative Meeting with chairmen of the board of directors and directors of banks operating in the Kingdom was held and the National Payment Council was formed. Banks nominated seven members while the council shall be under the custody and presidency of the Central Bank of Jordan.

The main duties and objectives of the National Payment Council in Jordan were determined within the following frameworks:

Establishing appropriate strategies to reduce the period of collecting and settling banking cheques.

Improving appropriate legal environment that contributes in developing the payment system and the payment methods involved underneath.

Contributing in laying the foundation for the development other retail payment methods to serve their users and issuer in order to promote the national economy.

Setting appropriate strategies for risk administration that keep pace with the development in the payment system.

Establishing appropriate plans to ensure the safety of the payment system and securing appropriate alternatives for the continuation of the system’s operations.

Developing appropriate plans to prepare and train employees to deal with the system, especially on the banks senior employees levels.

Choosing appropriate methods in developing the system's network and choosing appropriate devices and software.

Choosing the working groups that will work under the supervision of the Council and supervising the implementation of these committees to the missions assigned to them, reviewing its recommendations, adopting appropriate decisions, and choosing a director for the project.

Establishing appropriate foundations for the continuity of the working of the council.

Coordinating with the government, represented by the Ministry of Finance, being the largest user of the National Payment System, and coordinating with Amman Financial Market through the Financial Securities Depository Center and making clearing operations through it.

Coordinating and cooperating with all concerned parties, such as banks, financial institutions, technical companies, and government institutions to achieve the objectives announced in the missions and goals. This would help in sustaining the development and ensuring the integration of regulations and sub- projects and providing best services for the Jordanian economy on both business and individual levels according to the international standards recognized and applied by the developed countries.

Payment and Settlement Systems in Jordan, Click here (file size 5056.24 KB, file type pdf).